Lawmakers Announce Supplemental Budget Target
ST. PAUL, Minn. – Senate Finance Committee Chairman Richard J. Cohen (DFL-St. Paul) and House Ways and Means Committee Chairman Lyndon Carlson, Sr. (DFL-Crystal) today announced an agreement on a target for the supplemental omnibus finance bill currently before the conference committee on H.F. 3172.
The target supplemental budget figure for the remainder of the current biennium (FY2014-15) is $293 million, with a projected fiscal impact in the next biennium (FY2016-17) of $883.5 million. The conference committee will meet in the days ahead to review the target and continue working toward an agreement on the details of the budget package.
“We wouldn’t even be talking about a supplemental budget without the structured and balanced budget we passed last year,” said Cohen. “Our aim is to put this money back into commonsense priorities that support Minnesotans, including pay equity for residential care workers and enhanced early childhood education.”
Added Carlson, “The Governor said in his State of the State Address yesterday evening that we have to invest in growth, quality, and effectiveness, and that’s exactly what our supplemental budget will accomplish. Minnesota’s economy is growing, and we have an opportunity to build on that momentum with a package of smart investments.”
While details of the supplemental budget bill remain to be finalized, several key items have already earned support from the Governor and the Legislature, including investments in education, caregivers/long-term care facilities and job growth. The $293 million target would also include funds needed to cover the fiscal impacts of other laws enacted during the 2014 session. The target does not include debt service for the bonding bill.
The state legislature has already approved about $450 million in tax cuts this session and over $1 billion in FY 16-17 for Minnesotans and businesses. A second tax bill will include further tax relief for Minnesotans.